People have exchanged, deposited Rs 544,571 crore: RBI

Mumbai, Nov 21 (IANS) Some 37 per cent of the Rs 14,50,000 crore worth of now-demonetised Rs 500 and Rs 1,000 currency notes that were in circulation have been exchanged or deposited with banks till November 18, the Reserve Bank of India (RBI) said on Monday.

“Consequent to the announcement of withdrawal of legal tender status of bank notes of Rs 500 and Rs 1000 denominations from midnight of November 8, RBI made arrangements for exchange/deposit of such notes at counters of the RBI, commercial banks, regional rural banks and urban cooperative banks,” the central bank said in a statement.

“Banks have since reported that such exchange/deposits effected from November 10 up to November 18, amounted to Rs 5,44,571 crore — exchange amounted to Rs 33,006 crore and deposits amounted to Rs 5,11,565 crore,” the statement added.

“They have also reported that the public have withdrawn, during this period, Rs 1,03,316 crore from their accounts either over the counter or through ATMs.”